Aberdeen Standard European Logistics Income (ASLI) has invested €18.8m to buy a 13,907sqm asset in Spain.

The London-listed fund has bought the asset located on the Polinyà Logistic Park in Barcelona from an unnamed seller. The asset, which was built in 2019, is fully let to Mediapost, the company said.

ASLI said the latest investment is the company’s third investment in Spain and its first in Barcelona, providing further diversification and taking the portfolio gross asset value to €500m across sixteen assets.

Evert Castelein, fund manager for ASLI, said: “This newly built asset further enhances the company’s strong sustainability credentials, with ten of the sixteen assets constructed in 2018 or later. Barcelona, Spain’s second largest city by population, is a key business hub within Europe and lies at the heart of a highly industrialised and populated area along the Mediterranean Corridor, and we are confident that this well-located asset will deliver real shareholder value in the coming years.

“With the investment manager’s offices located throughout Europe, we believe we are well placed to continue sourcing attractive investment opportunities for our shareholders and delivering on our ambition to significantly scale the company.”

Tony Roper, chairman of ASLI, said: “The diversified nature of our portfolio of warehouses and its long term inflation-linked income continues to attract strong interest supporting the company’s share price growth.

”There is no doubt that investors recognise the strong structural tailwinds benefitting the European logistics real estate sector.”

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